Senator Slade Brockman urges ANZ to sign up to Bank@Post

ANZ recently enjoyed one of its biggest profit packages ever, but the big bank is holding out on joining a key rural finance program.

Senators taking part in a regional banking probe have urged the ANZ to stump up the cash for Australia Post’s financial access service.

Commonwealth, National and Westpac all signed up to the Bank@Post initiative more than five years ago, but the ANZ remains an outlier.

The brainchild of former Australia Post chief executive, Christine Holgate, Bank@Post reputedly saved roughly 2000 community post offices across Australia from closure after it came into effect in 2018.

West Australian senator Slade Brockman said every one of the big four banks needed to sign up to the service.

“Regional Australia has been left with few lifelines in regard to banking services,” he said.

“Ensuring Bank@Post is as strong, as service-rich, and as flexible as possible gives consumers in regional areas more options and more services.

“I heard instances in regional WA about people taking a two-hour drive to a ‘nearby’ town to access banking services, only to discover that banking services there were unavailable that day as well, for various reasons.”

ANZ chief executive Shayne Elliott

NSW senator Perin Davey said it was in the financial interests of the ANZ to sign up to the nationwide scheme.

“Where arrangements are made between Australia Post and a bank, customers are the ultimate winners as they can stay with their own bank but have the convenience of using the post office,” she said.

In May, ANZ chief executive Shayne Elliot announced a record half-year cash profit of $3.82 billion on the back of rising interest rates.

An ANZ spokesperson said the bank “continued to have a regular dialogue with Australia Post”.

“We have strived, but not yet been successful, in reaching a fair and proportionate agreement to use their Bank@Post services,” the spokesperson said.

“ANZ has a range of services available to our customers, including through our branch network, the ANZ App, internet banking, phone banking, and community-based bankers, such as mobile lenders, who meet with our customers to discuss their banking needs at a location that best suits them.”

Australia Post supply chain general manager Kayla Le Cornu declined to comment on ANZ’s position specifically.

But she noted that Bank@Post represents “more than 80 financial institutions at over 3400 Post Offices across the country.

“(That includes) more than 1800 in rural and remote locations,” Ms Le Cornu said.

“We know access to everyday banking services, including cash and cheque deposits, money withdrawal and balance enquiries, is particularly important for Australians living and working in rural and remote communities.”